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What is dividend selection

In addition to directly distributing dividends to investors, listed companies also have two dividend methods: dividends to choose stocks, and stocks to choose dividends. Dividend stock selection: Listed companies pay dividends by default. Investors can choose to charge interest or convert the dividends into stocks according to the conversion price in the announcement; dividend selection: Listed companies distribute stocks by default, and investors can choose to receive bonus shares or choose The stock is converted into interest based on the conversion price in the announcement.


After the settlement on the day before the ex-rights day, if the client holds the shares of the listed company, they will all participate in the selection of stock dividends.


Announcement date: The time when the board of directors announces the dividend information, including the amount of the dividend, the closing date and the dividend payment date.


Ex-date: The stock price on the ex-date is ex-divided. Therefore, investors who buy Hong Kong stocks that require dividends on this day will no longer enjoy the dividend rights. At the same time, Hong Kong stocks sold on the ex-date for dividends can still enjoy the dividend rights.


Registration date: The Hong Kong market implements a T+2 settlement system. Investors who buy Southbound Stock Connect stocks on T day can only obtain the rights and interests of the relevant securities after the settlement is completed at the end of the T+2 day. Therefore, investors who bought the shares through Southbound Stock Connect on the trading day before the registration date of the Hong Kong stocks cannot enjoy the dividend.


Transfer deadline: refers to the deadline for the listed company to update the register of shareholders. Those who hold the company’s physical stock certificates must complete the shareholder transfer procedures before the deadline.


Dividend payout date: The dividend payout date is the day when the dividend is paid. Generally, the dividend payout date for Hong Kong stocks is between 1 week and 3 months from the ex-date.



What is dividend selection


Except for public holidays and the market closure due to bad weather, the Hong Kong stock market generally trades from Monday to Friday. The trading hours are as follows:

1. Pre-open Period

Time period

Trading Rules

Enter order 9:00-9:15

Submit, modify, and cancel auction market orders and auction limit orders

Non-cancellable 9:15-9:20

Only at-auction market orders and at-auction limit orders can be submitted, and orders cannot be withdrawn or modified

Random match period 9:20-9:22 (match will start randomly at 9:20-9:22 at the final reference equilibrium price)

Conduct matchmaking during auction period

Pause period, from random match period ends to 9:30

At-auction order: Incomplete order will be cancelled by the system; At-auction limit order: If the input price range of an incomplete order does not deviate from the nominal price by nine times or more, it will be converted to a limit order and automatically transferred to the continuous trading session


2. Continuous Trading Hours

Time period

Beijing Time

Morning market


Closed at noon


Afternoon market


Note: Order modification is not allowed during the closed at noon, and cancellation is allowed during 12:30 - 13:00.


3. Closing Auction Trading Session

Time period

Trading Rules

Closing auction period 16:00-16:01      

Calculate and publish reference price; orders cannot be submitted

Enter order 16:01-16:06

You can submit, modify, and cancel at-auction market orders and auction limit orders. The price limit of auction limit orders shall not exceed ±5% of the reference price

Non-cancellable 16:06-16:08

At-auction market orders and at-auction limit orders can be submitted, and cannot be cancelled or changed; the input price of at-auction limit orders must be between the lowest selling price and the highest bidding price

Random closing 16:08-16:10

At random closing time, at-auction market orders and at-auction limit orders can still be submitted, and cannot be cancelled or changed; the input price of auction limit orders must be between the lowest selling price and the highest bidding price